A&L increase cash ISA interest rates

Kazza242 · 24 August 2006 at 1:53PM

The full 0.25% increase will be added to the following Alliance & Leicester cash mini ISAs, effective 2nd September 2006:

- Direct ISA Issue 2 - £1+ (prev. 4.50%) New rate 4.75%**.

- Direct ISA Issue 2 (incl. 0.7% bonus) - £1+ (prev. 5.20%) New rate 5.45%.

The new 5.45% rate has now been confirmed on the A&L website, here.

- Direct ISA (closed) - £1+ (prev.4.75%) New rate 5.00%.

Cash ISA
£21k+ (prev. 4.55%) New rate 4.80%.
£18k+ (prev. 3.95%) New rate 4.20%.
£9k+ (prev. 3.60%) New rate 3.85%.
£1+ (prev. 3.45%) New rate 3.70%.

A&L are also increasing their savings account rates. Please see this thread for the full list of accounts.

[SOURCE: Alliance & Leicester website]

Here is the link to the rate changes documents (Word and PDF format).

Mr_Mumble · 24 August 2006 at 2:02PM

No explanation of what the asterisks mean in the press release. Is it the interest rate excluding bonus?

Kazza242 · 24 August 2006 at 2:11PM

Mr_Mumble wrote:

No explanation of what the asterisks mean in the press release. Is it the interest rate excluding bonus?

Just had another look on their website. It doesn't specifically say what the asterisks mean anywhere. I would say that, yes, it must mean the interest rate excluding the bonus.

KTF · 24 August 2006 at 3:39PM

What about the people who have Direct ISA Issue 2 with the 0.7% bonus (currently 5.1%)? Will they see it increase to 5.45%?

Kazza242 · 24 August 2006 at 4:03PM

KTF wrote:

What about the people who have Direct ISA Issue 2 with the 0.7% bonus (currently 5.1%)? Will they see it increase to 5.45%?

Yes, I believe so. It is the underlying rate that has risen by 0.25% from 4.50% to 4.75%, so those with the Direct ISA issue 2 with 0.7% bonus rate (5.2%), should also benefit from the increase, w.e.f Sep 2, to 5.45%.

*EDIT: - Direct ISA Issue 2 (incl. 0.7% bonus) - £1+ (prev. 5.20%) New rate 5.45%.

The new 5.45% rate has now been confirmed on the A&L website, here.

humfer · 24 August 2006 at 7:04PM

Kazza242 wrote:

Yes, I believe so. It is the underlying rate that has risen by 0.25% from 4.50% to 4.75%, so those with the Direct ISA issue 2 with 0.7% bonus rate (5.2%), should also benefit from the increase, w.e.f Sep 2, to 5.45%.

5.45% sounds pretty damn good to me...:T :j :T :j :T

wearside_2 · 29 August 2006 at 3:49PM

Sounds good to me and my OH :beer:

:j :T :j :T :j :T :j :T :j :T :j :T

djblamire · 29 August 2006 at 7:36PM

Is this definitely correct then ? 5.45% on the Issue 2 ??

Thanks
Daniel

Kazza242 · 29 August 2006 at 8:21PM

djblamire wrote:

Is this definitely correct then ? 5.45% on the Issue 2 ??

Thanks
Daniel

Yes, I am pretty sure it is correct, as it is the variable (underlying) part of the Direct ISA 2 interest rate that has increased by 0.25% from 4.5% to 4.75%. Therefore, the underlying rate, plus the 0.7% bonus (which does not increase) gives you a rate of 5.45%.:)

EDIT:
- Direct ISA Issue 2 (incl. 0.7% bonus) - £1+ (prev. 5.20%) New rate 5.45%.

The new 5.45% rate has now been confirmed on the A&L website, here.

jdavtz · 31 August 2006 at 4:57PM

I phoned A+L 2 days ago and the person I spoke to said that the ISA running at 5.2% will NOT have arate increase.

lisyloo · 31 August 2006 at 5:08PM

I don't see how anyone can say one way or the other with the missing information.
It could say something like.

** - excluding accounts opened before 12/4/06 that are getting the bonus (starting 608)

A&L increase cash ISA interest rates

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